3. Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2.77%.

How much interest will he earn after 8 years?
(Points : 1)

Question

3.  Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2.77%. 

 How much interest will he earn after 8 years? 
 (Points : 1)

kropot72 · Answer

$$Amount\ after\ 8\ years=6200(1+\frac{0.0277}{52})^{(8\times52)}=6200\times(1.000532692)^{416}=you\ can\ calculate$$

anonymous · Answer

use the formula
I=PRT

kropot72 · Answer

The formula is as follows:
$$A=P(1+\frac{r}{n})^{nt}$$
A is the amount after t years.
P is the principal.
r is the annual interest rate as a decimal.
n is the number of compounding periods per year.